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Finance Chief Confident BSP Can Cut In Q1 Next Year

PHILIPPINES

Comments from Philippines Finance Secretary Diokno have crossed the wires. Diokno states he is confident BSP can cut the policy rate by Q1 next year, as inflation will hit the lower end of the 2-4% target range by then. Note he also sits on the BSP board.

  • Diokno added it is too early to panic on the growth backdrop and that government projects should boost growth in H2.
  • He reiterated that the authorities are comfortable with the level of FX at the moment and that 54-57 is the assumption for USD/PHP levels. This point could reinforce the bias that moves towards 57.00 will draw a stronger intervention response from the authorities.
  • USD/PHP sits slightly higher now, last at 56.56. Comments around confidence in a Q1 cut next year may be weighing, although broader USD sentiment has stabilized somewhat, so that may also be a factor.
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